Intrinsic value of HP - HPQ

Previous Close

$23.70

  Intrinsic Value

$32.13

stock screener

  Rating & Target

buy

+36%

Previous close

$23.70

 
Intrinsic value

$32.13

 
Up/down potential

+36%

 
Rating

buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HPQ stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.91
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  52,056
  57,938
  64,120
  70,598
  77,371
  84,437
  91,800
  99,464
  107,434
  115,719
  124,330
  133,277
  142,576
  152,242
  162,292
  172,746
  183,624
  194,948
  206,744
  219,036
  231,852
  245,221
  259,172
  273,739
  288,954
  304,854
  321,475
  338,857
  357,042
  376,071
  395,991
Variable operating expenses, $m
 
  53,587
  59,245
  65,174
  71,372
  77,839
  84,578
  91,592
  98,886
  106,469
  114,349
  121,976
  130,486
  139,332
  148,530
  158,097
  168,052
  178,417
  189,212
  200,462
  212,191
  224,426
  237,194
  250,526
  264,451
  279,002
  294,214
  310,122
  326,765
  344,180
  362,411
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  48,537
  53,587
  59,245
  65,174
  71,372
  77,839
  84,578
  91,592
  98,886
  106,469
  114,349
  121,976
  130,486
  139,332
  148,530
  158,097
  168,052
  178,417
  189,212
  200,462
  212,191
  224,426
  237,194
  250,526
  264,451
  279,002
  294,214
  310,122
  326,765
  344,180
  362,411
Operating income, $m
  3,519
  4,351
  4,875
  5,425
  5,999
  6,598
  7,222
  7,872
  8,548
  9,251
  9,981
  11,302
  12,090
  12,910
  13,762
  14,649
  15,571
  16,532
  17,532
  18,574
  19,661
  20,795
  21,978
  23,213
  24,503
  25,852
  27,261
  28,735
  30,277
  31,891
  33,580
EBITDA, $m
  3,873
  5,010
  5,544
  6,104
  6,690
  7,301
  7,938
  8,600
  9,289
  10,006
  10,750
  11,524
  12,328
  13,164
  14,033
  14,937
  15,877
  16,857
  17,876
  18,939
  20,047
  21,203
  22,410
  23,669
  24,985
  26,360
  27,797
  29,300
  30,872
  32,518
  34,240
Interest expense (income), $m
  322
  297
  -163
  -46
  76
  204
  337
  475
  620
  770
  926
  1,088
  1,257
  1,432
  1,614
  1,803
  2,000
  2,205
  2,419
  2,641
  2,872
  3,114
  3,366
  3,629
  3,903
  4,190
  4,489
  4,802
  5,130
  5,472
  5,831
Earnings before tax, $m
  3,276
  4,054
  5,038
  5,471
  5,923
  6,395
  6,886
  7,397
  7,928
  8,481
  9,055
  10,214
  10,834
  11,478
  12,148
  12,845
  13,571
  14,326
  15,113
  15,933
  16,789
  17,681
  18,612
  19,584
  20,600
  21,662
  22,772
  23,933
  25,147
  26,418
  27,749
Tax expense, $m
  750
  1,095
  1,360
  1,477
  1,599
  1,727
  1,859
  1,997
  2,141
  2,290
  2,445
  2,758
  2,925
  3,099
  3,280
  3,468
  3,664
  3,868
  4,081
  4,302
  4,533
  4,774
  5,025
  5,288
  5,562
  5,849
  6,148
  6,462
  6,790
  7,133
  7,492
Net income, $m
  2,526
  2,959
  3,678
  3,994
  4,324
  4,668
  5,027
  5,400
  5,788
  6,191
  6,610
  7,456
  7,909
  8,379
  8,868
  9,377
  9,907
  10,458
  11,033
  11,631
  12,256
  12,907
  13,587
  14,297
  15,038
  15,813
  16,624
  17,471
  18,358
  19,286
  20,257

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8,146
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  32,913
  27,563
  30,504
  33,586
  36,808
  40,170
  43,673
  47,319
  51,110
  55,052
  59,148
  63,405
  67,829
  72,427
  77,208
  82,182
  87,357
  92,744
  98,356
  104,204
  110,301
  116,661
  123,298
  130,228
  137,466
  145,030
  152,938
  161,207
  169,858
  178,911
  188,387
Adjusted assets (=assets-cash), $m
  24,767
  27,563
  30,504
  33,586
  36,808
  40,170
  43,673
  47,319
  51,110
  55,052
  59,148
  63,405
  67,829
  72,427
  77,208
  82,182
  87,357
  92,744
  98,356
  104,204
  110,301
  116,661
  123,298
  130,228
  137,466
  145,030
  152,938
  161,207
  169,858
  178,911
  188,387
Revenue / Adjusted assets
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
  2.102
Average production assets, $m
  1,807
  2,028
  2,244
  2,471
  2,708
  2,955
  3,213
  3,481
  3,760
  4,050
  4,352
  4,665
  4,990
  5,328
  5,680
  6,046
  6,427
  6,823
  7,236
  7,666
  8,115
  8,583
  9,071
  9,581
  10,113
  10,670
  11,252
  11,860
  12,496
  13,162
  13,860
Working capital, $m
  -94
  -7,995
  -8,849
  -9,743
  -10,677
  -11,652
  -12,668
  -13,726
  -14,826
  -15,969
  -17,158
  -18,392
  -19,676
  -21,009
  -22,396
  -23,839
  -25,340
  -26,903
  -28,531
  -30,227
  -31,996
  -33,840
  -35,766
  -37,776
  -39,876
  -42,070
  -44,364
  -46,762
  -49,272
  -51,898
  -54,647
Total debt, $m
  7,819
  -3,695
  -1,048
  1,726
  4,625
  7,651
  10,804
  14,085
  17,497
  21,045
  24,732
  28,563
  32,544
  36,682
  40,986
  45,461
  50,119
  54,968
  60,018
  65,281
  70,769
  76,493
  82,466
  88,703
  95,218
  102,025
  109,142
  116,584
  124,370
  132,518
  141,047
Total liabilities, $m
  36,321
  24,807
  27,454
  30,228
  33,127
  36,153
  39,306
  42,587
  45,999
  49,547
  53,234
  57,065
  61,046
  65,184
  69,488
  73,963
  78,621
  83,470
  88,520
  93,783
  99,271
  104,995
  110,968
  117,205
  123,720
  130,527
  137,644
  145,086
  152,872
  161,020
  169,549
Total equity, $m
  -3,408
  2,756
  3,050
  3,359
  3,681
  4,017
  4,367
  4,732
  5,111
  5,505
  5,915
  6,341
  6,783
  7,243
  7,721
  8,218
  8,736
  9,274
  9,836
  10,420
  11,030
  11,666
  12,330
  13,023
  13,747
  14,503
  15,294
  16,121
  16,986
  17,891
  18,839
Total liabilities and equity, $m
  32,913
  27,563
  30,504
  33,587
  36,808
  40,170
  43,673
  47,319
  51,110
  55,052
  59,149
  63,406
  67,829
  72,427
  77,209
  82,181
  87,357
  92,744
  98,356
  104,203
  110,301
  116,661
  123,298
  130,228
  137,467
  145,030
  152,938
  161,207
  169,858
  178,911
  188,388
Debt-to-equity ratio
  -2.294
  -1.340
  -0.340
  0.510
  1.260
  1.900
  2.470
  2.980
  3.420
  3.820
  4.180
  4.500
  4.800
  5.060
  5.310
  5.530
  5.740
  5.930
  6.100
  6.260
  6.420
  6.560
  6.690
  6.810
  6.930
  7.030
  7.140
  7.230
  7.320
  7.410
  7.490
Adjusted equity ratio
  -0.427
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,526
  2,959
  3,678
  3,994
  4,324
  4,668
  5,027
  5,400
  5,788
  6,191
  6,610
  7,456
  7,909
  8,379
  8,868
  9,377
  9,907
  10,458
  11,033
  11,631
  12,256
  12,907
  13,587
  14,297
  15,038
  15,813
  16,624
  17,471
  18,358
  19,286
  20,257
Depreciation, amort., depletion, $m
  354
  659
  669
  680
  691
  703
  715
  728
  741
  755
  769
  222
  238
  254
  270
  288
  306
  325
  345
  365
  386
  409
  432
  456
  482
  508
  536
  565
  595
  627
  660
Funds from operations, $m
  3,516
  3,618
  4,347
  4,673
  5,015
  5,371
  5,742
  6,128
  6,529
  6,946
  7,380
  7,678
  8,146
  8,633
  9,139
  9,665
  10,213
  10,783
  11,377
  11,996
  12,642
  13,316
  14,019
  14,753
  15,520
  16,321
  17,159
  18,036
  18,953
  19,912
  20,917
Change in working capital, $m
  -161
  -812
  -853
  -894
  -935
  -975
  -1,016
  -1,058
  -1,100
  -1,143
  -1,188
  -1,235
  -1,283
  -1,334
  -1,387
  -1,443
  -1,501
  -1,563
  -1,628
  -1,696
  -1,769
  -1,845
  -1,925
  -2,010
  -2,100
  -2,194
  -2,294
  -2,399
  -2,509
  -2,626
  -2,749
Cash from operations, $m
  3,677
  4,430
  5,200
  5,567
  5,949
  6,346
  6,758
  7,185
  7,629
  8,089
  8,568
  8,913
  9,429
  9,967
  10,526
  11,108
  11,714
  12,346
  13,005
  13,693
  14,411
  15,161
  15,944
  16,763
  17,620
  18,516
  19,453
  20,434
  21,462
  22,538
  23,666
Maintenance CAPEX, $m
  0
  -86
  -97
  -107
  -118
  -129
  -141
  -153
  -166
  -179
  -193
  -207
  -222
  -238
  -254
  -270
  -288
  -306
  -325
  -345
  -365
  -386
  -409
  -432
  -456
  -482
  -508
  -536
  -565
  -595
  -627
New CAPEX, $m
  -402
  -221
  -216
  -227
  -237
  -247
  -258
  -268
  -279
  -290
  -301
  -313
  -325
  -338
  -352
  -366
  -381
  -396
  -413
  -430
  -449
  -468
  -488
  -510
  -533
  -556
  -582
  -608
  -636
  -666
  -697
Cash from investing activities, $m
  -1,717
  -307
  -313
  -334
  -355
  -376
  -399
  -421
  -445
  -469
  -494
  -520
  -547
  -576
  -606
  -636
  -669
  -702
  -738
  -775
  -814
  -854
  -897
  -942
  -989
  -1,038
  -1,090
  -1,144
  -1,201
  -1,261
  -1,324
Free cash flow, $m
  1,960
  4,123
  4,887
  5,234
  5,595
  5,970
  6,360
  6,764
  7,184
  7,620
  8,074
  8,393
  8,882
  9,391
  9,920
  10,471
  11,045
  11,644
  12,267
  12,918
  13,597
  14,306
  15,047
  15,821
  16,631
  17,477
  18,363
  19,290
  20,261
  21,277
  22,342
Issuance/(repayment) of debt, $m
  1,007
  -10,442
  2,647
  2,774
  2,900
  3,026
  3,153
  3,281
  3,413
  3,547
  3,687
  3,831
  3,981
  4,138
  4,303
  4,476
  4,658
  4,849
  5,050
  5,263
  5,487
  5,724
  5,973
  6,237
  6,515
  6,808
  7,117
  7,442
  7,786
  8,148
  8,529
Issuance/(repurchase) of shares, $m
  -1,412
  10,279
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -357
  -163
  2,647
  2,774
  2,900
  3,026
  3,153
  3,281
  3,413
  3,547
  3,687
  3,831
  3,981
  4,138
  4,303
  4,476
  4,658
  4,849
  5,050
  5,263
  5,487
  5,724
  5,973
  6,237
  6,515
  6,808
  7,117
  7,442
  7,786
  8,148
  8,529
Total cash flow (excl. dividends), $m
  1,603
  3,960
  7,534
  8,007
  8,494
  8,996
  9,512
  10,045
  10,597
  11,168
  11,760
  12,224
  12,863
  13,529
  14,223
  14,947
  15,703
  16,492
  17,318
  18,181
  19,084
  20,030
  21,021
  22,058
  23,145
  24,285
  25,480
  26,733
  28,047
  29,425
  30,871
Retained Cash Flow (-), $m
  -481
  -13,238
  -294
  -308
  -322
  -336
  -350
  -365
  -379
  -394
  -410
  -426
  -442
  -460
  -478
  -497
  -518
  -539
  -561
  -585
  -610
  -636
  -664
  -693
  -724
  -756
  -791
  -827
  -865
  -905
  -948
Prev. year cash balance distribution, $m
 
  7,074
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -2,204
  7,240
  7,699
  8,172
  8,659
  9,162
  9,681
  10,218
  10,774
  11,351
  11,798
  12,421
  13,069
  13,745
  14,450
  15,185
  15,954
  16,757
  17,596
  18,475
  19,394
  20,357
  21,365
  22,422
  23,529
  24,689
  25,906
  27,182
  28,520
  29,923
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -2,113
  6,628
  6,700
  6,729
  6,712
  6,649
  6,540
  6,386
  6,189
  5,951
  5,603
  5,300
  4,969
  4,614
  4,242
  3,859
  3,471
  3,086
  2,709
  2,348
  2,006
  1,689
  1,400
  1,142
  915
  720
  556
  421
  311
  225
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. Its segments include Personal Systems, Printing and Corporate Investments. The Personal Systems segment provides Commercial personal computers (PCs), Consumer PCs, workstations, thin clients, Commercial tablets and mobility devices, retail point-of-sale systems, displays and other accessories, software, support and services for the commercial and consumer markets. The Printing segment provides consumer and commercial printer hardware, supplies, media, solutions and services, as well as scanning devices. The Corporate Investments segment includes the operations of HP Labs and certain business incubation projects.

FINANCIAL RATIOS  of  HP (HPQ)

Valuation Ratios
P/E Ratio 15.5
Price to Sales 0.8
Price to Book -11.5
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 11.9
Growth Rates
Sales Growth Rate 7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.2%
Cap. Spend. - 3 Yr. Gr. Rate -36.4%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity -198%
Total Debt to Equity -229.4%
Interest Coverage 11
Management Effectiveness
Return On Assets 9%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 68.9%
Ret/ On T. Cap. - 3 Yr. Avg. 30.8%
Return On Equity -69.2%
Return On Equity - 3 Yr. Avg. -10.5%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 18.4%
Gross Margin - 3 Yr. Avg. 18.8%
EBITDA Margin 7.6%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 6.8%
Oper. Margin - 3 Yr. Avg. 7.2%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate 22.9%
Eff/ Tax Rate - 3 Yr. Avg. 15.6%
Payout Ratio 35.4%

HPQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HPQ stock intrinsic value calculation we used $52056 million for the last fiscal year's total revenue generated by HP. The default revenue input number comes from 2017 income statement of HP. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HPQ stock valuation model: a) initial revenue growth rate of 11.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for HPQ is calculated based on our internal credit rating of HP, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of HP.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HPQ stock the variable cost ratio is equal to 92.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HPQ stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.4% for HP.

Corporate tax rate of 27% is the nominal tax rate for HP. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HPQ stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HPQ are equal to 3.5%.

Life of production assets of 21 years is the average useful life of capital assets used in HP operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HPQ is equal to -13.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-3408 million for HP - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 1656.35 million for HP is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of HP at the current share price and the inputted number of shares is $39.3 billion.

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▶ HP (HPQ) Q4 2017 Earnings Conference Call Transcript   [Nov-27-17 10:43AM  Motley Fool]
▶ Company News For Nov 24, 2017   [10:32AM  Zacks]
▶ Asian stocks flat as Fed minutes show support for rate hike   [Nov-22-17 11:22PM  Associated Press]
▶ 4 Stocks Fall on Wednesday   [03:38PM  GuruFocus.com]
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▶ Trade HP Inc as the Door Closes on Meg!   [10:50AM  InvestorPlace]
▶ Meg Whitman stepping down as HP Enterprise CEO   [Nov-21-17 10:43PM  Reuters]
Financial statements of HPQ
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